LONDON (ShareCast) - Mobile software developer i-mate quashed rumours of it being up for sale and said it has adequate cash resources.

The group is currently undergoing a strategic review, the results of which will be outlined at the year end results, but it said the key highlights are that it has “adequate cash resources thereby quashing rumors that it is up for sale or closing down.”

It said there should be considerable savings of around $5m at a very little cost in direct operational costs and it is being streamlined to meet the operational requirements of the business.

Software application development and picture frame manufacturing has been halted for the foreseeable future although the technology is still being used in both current and future handsets, it said.

“The group expects results for the year ending 31 March 2008 to be broadly in line with market expectations with sales for the year estimated at $63m,” it added

• News Channel